Being a professional insurance agent can bring so much fulfillment and success. However, if you do not understand the obstacles that come with this line of work, you may hit some significant roadblocks that you will have to navigate. Here is some sound advice for new agents to help you avoid common mistakes in the industry and therefore avoid E&O claims.
Marketplace Knowledge
Be sure that you are knowledgeable about the products you offer so you can best assign coverages. It is also critical that you stay up on industry trends so you can effectively market your business and offer top-tier customer service. Consider the benefits of continuing with industry education to enhance your skills and reputation as an agent.
Due Diligence
Keep in mind that you will need to meet a certain standard of care and must uphold your legal duties to your customers. Think about the exposures you must assess and advise your clients accordingly.
Understanding your Customer’s Needs
Having strong listening skills will prevent mistakes and demonstrate that you care. Being intentional with how you assess your clients’ exposures and recommend coverage will go a long way. This is how you will be able to secure proper coverage for them. Assess their unique risk and understand their personal protection needs to lead them down the right road.
Proper Documentation
You can manage your own risk by documenting everything. Organize emails, documents, and phone calls. Although this may sound like it won’t make much of a difference, it may prove beneficial when it comes to avoiding lawsuits. Remember, a claim can be quickly dismissed if an alleged issue is disproved or holds no merit.
Policy Reviews
It is in your best interest to review client policies and double-check for any errors that may be in coverage and/or limits. Typos do happen more than we assume. Although your clients should also read their policies, they may not do so as thoroughly as they should. You as the agent are expected to check for accuracy.
Professionalism – Always!
Everything you say, both verbally and in writing can eventually be held against you in a courtroom. It is best to hold yourself to a professional standard.
Refrain from Making Promises
Never tell your client that “everything will be covered ” or that “everything will be OK.” Although you may want to comfort customers through a stressful time, your job is solely to help them report claims and navigate through the process. Refrain from taking a stance on coverage opinions as that is the carrier’s responsibility.
Be Smart with Website Content
Be careful with the language used on the website, such as making false or misleading claims that could lead to errors in risk assessment for your clients. It may be helpful to understand how your website’s content can be held against you in a claim.
About IPRO Agency Insurance Services
IPRO Agency Insurance Services is a specialty insurance brokerage with the expertise to protect your firm, assets and to help you retain clients. Our services offer all types of professionals the protection they need so they can stay committed to their work with ease. We are connected with leading insurers to bring you the best coverage for your unique needs and areas of risk. Get in touch with us at 888- 673-8039 so we can begin to safeguard your success.
